CEO of Al Hassan Engineering Reviews the Corporate Acts to Reduce Cost and Ensure Sustained Operations
The Chief Executive Officer of Al Hassan Engineering Company Mr. Shawqi Sajwani said the company is working to encounter the challenges through corporate actions to reduce cost and ensure sustainability of its operations in a competitive market through financial restructuring by consolidating its various banking facilities into one syndicated facility and term out its short term loans to meet its working capital requirements.
He said in a discussion session organized by the Capital Market Authority on the details of the operational performance, challenges and future market opportunities that the company has completed the financial restructuring exercise with the support of stakeholders.
He added the objective of restructuring was to enable the company to carry on with its usual business and will be able to tide over the financial challenges and successfully complete its projects and win new projects.
He said the company has just completed a gas project and delivered to the client Oman Development Company and that Fuhud Lekhwair pipeline is completed 6 months ahead of time. The Rabab Harweel Power Plant and Saih Niyada Compression Plant are also nearing completion. The CCJV Liwa project announced in January 2017is progressing well.
He added that projects in UAE subsidies continue to be a challenge and all efforts are being made to mitigate the negative consequences and overcome them.
Al Sajwani expressed confidence that the oil, gas and water sector in Oman will continue to grow due to population growth and higher demand. The increased production will continue in the near future and there would be need to award contracts to maintain current levels of operations. The company believes that the market for the company’s services will be buoyant for 2018-2020 irrespective of the turbulent oil market.
He said the company is bidding for a wide range of projects with its clients and a business plan has been developed and the company is prepared to benefit from forthcoming projects in the market.
He added that in addition to the mega opportunities major oil, gas and petrochemical companies have announced projects which will be bid in 2018/9 as the company is prequalified and well placed to take advantage of all these business opportunities to achieve the desired business growth with profitability in the next 3-5 years.
Al Hassan Engineering is a public joint stock company listed on MSM carrying out business in the oi, gas, petrochemicals, power generation and transmission and private projects in water and sewage sector.
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